Titlebook: Keynes’sGeneral Theory Reconsidered in the Context of the Japanese Economy; Masayuki Otaki Book 2016 Development Bank of Japan 2016 Decent

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Analyzing Book VI of ,to him, three psychological factors profoundly concern the dynamics of capitalism: the propensity to consume; the marginal efficiency of investment; and liquidity preference. The most volatile among them is the marginal efficiency of investment. Nevertheless, because the investment multiplier, which

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Concluding Remarks of Part II is that the (net) supply of . is the opposite side of autonomous expenditure independent of aggregate income. This means that, contrary to the existing Keynesian theory, the nominal money supply directly relates to aggregate demand. That is, the liquidity preference theory and the principle of effe

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978-4-431-55913-9Development Bank of Japan 2016

insurrection

Keynes’sGeneral Theory Reconsidered in the Context of the Japanese Economy978-4-431-55915-3Series ISSN 2191-5504 Series E-ISSN 2191-5512

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2191-5504 nsolvable question from the quantity-theoretic approaches (e.g., monetarism and new Keynesianism) which, although they differ in assumptions concerning the length of adjustment periods, commonly assume that the978-4-431-55913-9978-4-431-55915-3Series ISSN 2191-5504 Series E-ISSN 2191-5512